Exxon Mobil Corporation
Exxon's projected stronger demand supports its ambitious production growth plans, and it projects that oil demand will plateau beyond 2030.
The outlook reflects a natural decline in oil production of about 15% per year, nearly double the IEA's previous estimate of 8%.
This increase is the result of the world's shifting energy mix toward unconventional sources of oil and natural gas.
Exxon says that, without new investments, global oil supplies could drop by over 15 million barrels per day in the first year, potentially falling to under 30 million barrels per day by 2030, leaving a 70 million barrel daily shortfall.
Exxon projects that electric vehicles will have a minimal impact on long-term global oil demand and adds that "If every new car sold in the world in 2035 were electric, oil demand in 2050 would still be 85 million barrels per day."
Exxon Economics, Energy and Strategic Planning Director Chris Birdsall told Reuters, "Oil and gas demand have a very, very long runway and will continue to grow over the next few years."
He added, "Global oil and natural gas supplies would virtually disappear without continued investments."
"The biggest reason for the change is the shift to more short-cycle unconventional assets."
As per Reuters report, Exxon's outlook on global carbon emissions is more cautious than BP p.l.c. 's
Exxon plans to produce 4.3 million barrels of oil and gas daily this year-30% more than Chevron Corporation's
Investors can gain exposure to the XOM via Energy Select Sector SPDR Fund
Price Action: XOM shares are up 0.63% at $117.05 at the last check Monday.
